Section 41-10-365 – Sinking Fund for Payment of Principal and Interest on Bonds of Authority.
Section 41-10-365 Sinking fund for payment of principal and interest on bonds of authority. For the purpose of providing funds to enable the authority to pay at their respective maturities the principal of and interest on any bonds issued by it under the provisions of this article and to accomplish the objects of this article, […]
Section 41-10-366 – Contracts, etc., Do Not Create Obligations of State.
Section 41-10-366 Contracts, etc., do not create obligations of state. All contracts made, obligations incurred and bonds issued by the authority shall be solely and exclusively obligations of the authority and shall not create obligations or debts of the state. (Acts 1988, No. 88-475, p. 739, §17.)
Section 41-10-367 – Investment of Surplus Proceeds From Sale of Bonds; Disbursement of Income Derived From Such Investments.
Section 41-10-367 Investment of surplus proceeds from sale of bonds; disbursement of income derived from such investments. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors may determine is not then needed for any of the purposes for which the bonds are authorized to be issued […]
Section 41-10-368 – Authority Is Nonprofit Corporation.
Section 41-10-368 Authority is nonprofit corporation. The authority shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private entity. (Acts 1988, No. 88-475, p. 739, §19.)
Section 41-10-369 – Dissolution of Authority; Disposition of Property Upon Dissolution of Authority.
Section 41-10-369 Dissolution of authority; disposition of property upon dissolution of authority. At any time when the bonds and other obligations of the authority have been paid in full, the authority may be dissolved upon the filing with the Secretary of State of a written statement for dissolution, reciting payment in full of all bonds […]
Section 41-10-370 – Payment of Principal and Interest on Bonds and Maintenance of Records Pertaining Thereto by State Treasurer.
Section 41-10-370 Payment of principal and interest on bonds and maintenance of records pertaining thereto by State Treasurer. Out of the revenues appropriated and pledged in Section 41-10-365 of this article, the State Treasurer is authorized and directed to pay the principal of and interest on the bonds at the respective maturities of the said […]
Section 41-10-371 – Power of Authority to Pay and Make Agreements With the United States to Exempt Interest of Bonds From Federal Income Tax.
Section 41-10-371 Power of authority to pay and make agreements with the United States to exempt interest of bonds from federal income tax. The authority shall have the power to make such payments to the United States as the directors deem necessary to cause the interest on any bonds of the authority to be and […]
Section 41-10-362 – Exemption From Taxation of Bonds and Income of Authority; Use of Bonds as Security for Deposits of State Funds; Investment of Trust Funds in Bonds.
Section 41-10-362 Exemption from taxation of bonds and income of authority; use of bonds as security for deposits of state funds; investment of trust funds in bonds. The bonds and the income therefrom shall be exempt from all taxation in the state. Any of the bonds may be used by the holder thereof as security […]
Section 41-10-363 – Refunding Bonds; Proceeds of Sale of Refunding Bonds.
Section 41-10-363 Refunding bonds; proceeds of sale of refunding bonds. Any bonds issued by the authority under this article may from time to time thereafter be refunded by the issuance of refunding bonds of the authority. Any such refunding bonds may be issued whether the bonds to be refunded shall have then matured or shall […]
Section 41-10-364 – Proceeds of Bonds, Other Than Refunding Bonds; Special Fund to Pay Costs of Acquisition, Construction, etc., of Mental Health Facilities; Such Work Supervised by Building Commission; Such Work Subject to Competitive Bidding; Disposition of Moneys Remaining.
Section 41-10-364 Proceeds of bonds, other than refunding bonds; special fund to pay costs of acquisition, construction, etc., of mental health facilities; such work supervised by Building Commission; such work subject to competitive bidding; disposition of moneys remaining. The proceeds of the bonds, other than refunding bonds, remaining after paying the expenses of their sale […]